Company Income Tax up by 13.41% to N810bn in Q3 2022

Recent report published by the National Bureau of Statistics (NBS) has revealed that Company Income Tax (CIT) for Q3 2022 was N810.19 billion, indicating a growth rate of 13.41% on a quarter-on-quarter basis from N714.40 billion in Q2 2022.

Local payments received were N483.17 billion, while Foreign CIT Payment contributed N327.02 billion in Q3 2022.

On a quarter-on-quarter basis, the Arts, entertainment, and recreation activities recorded the highest growth rate with 93.33%, followed by Agriculture, forestry, and fishing with 75.38%.

On the other hand, Accommodation and food service activities had the lowest growth rate with – 64.81%, followed by Water supply, sewerage, waste management, and remediation activities with -64.75%.

In terms of sectoral contributions, the top three largest shares in Q3 2022 were Manufacturing with 28.76%; Information and communication with 27.31%; and Financial & insurance with 8.81%. Conversely, the Activities of households as employers, undifferentiated goods- and services-producing activities of households for own use recorded the least share with 0.003%, followed by Water supply, sewerage, waste management, and remediation activities with 0.05%; and Activities of extra-territorial organizations and bodies with 0.11%.

However, on a year-on-year basis, CIT collections in Q3 2022 increased by 71.46% from Q3 2021.